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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kite Realty Group Trust New | NYSE:KRG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.34 | -1.59% | 21.05 | 21.83 | 20.865 | 21.69 | 2,146,691 | 01:00:00 |
Maryland (Kite Realty Group Trust)
|
|
11-3715772
|
Delaware (Kite Realty Group, L.P.)
|
|
20-1453863
|
(State or other jurisdiction of incorporation or organization)
|
|
(IRS Employer Identification No.)
|
|
|
|
30 S. Meridian Street, Suite 1100
Indianapolis, Indiana 46204
|
||
(Address of principal executive offices) (Zip code)
|
||
|
|
|
Telephone: (317) 577-5600
|
||
(Registrant’s telephone number, including area code)
|
||
|
||
Not Applicable
|
||
(Former name, former address and former fiscal year, if changed since last report)
|
Kite Realty Group Trust
|
Yes
x
|
No
o
|
Kite Realty Group, L.P.
|
Yes
x
|
No
o
|
Kite Realty Group Trust
|
Yes
x
|
No
o
|
Kite Realty Group, L.P.
|
Yes
x
|
No
o
|
x
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
o
|
Large accelerated filer
|
o
|
Accelerated filer
|
x
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
Kite Realty Group Trust
|
Yes
o
|
No
x
|
Kite Realty Group, L.P.
|
Yes
o
|
No
x
|
•
|
enhancing investors' understanding of the Parent Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
|
•
|
eliminating duplicative disclosure and providing a more streamlined and readable presentation of information because a substantial portion of the Company's disclosure applies to both the Parent Company and the Operating Partnership; and
|
•
|
creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.
|
|
|
Page
|
Part I.
|
|
|
|
|
|
Item 1.
|
|
|
|
|
|
Kite Realty Group Trust:
|
|
|
|
|
|
|
Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015
|
|
|
|
|
|
Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2016 and 2015
|
|
|
|
|
|
Consolidated Statement of Shareholders' Equity for the Six Months Ended June 30, 2016
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2016 and 2015
|
|
|
|
|
Kite Realty Group, L.P. and subsidiaries:
|
|
|
|
|
|
|
Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015
|
|
|
|
|
|
Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2016 and 2015
|
|
|
|
|
|
Consolidated Statement of Partners' Equity for the Six Months Ended June 30, 2016
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2016 and 2015
|
|
|
|
|
Kite Realty Group Trust and Kite Realty Group, L.P. and subsidiaries:
|
|
|
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
|
Item 2.
|
Cautionary Note About Forward-Looking Statements
|
|
|
|
|
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosure about Market Risk
|
|
|
|
|
Item 4.
|
Controls and Procedures
|
|
|
|
|
Part II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
Legal Proceedings
|
|
|
|
|
Item 1A.
|
Risk Factors
|
|
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
Item 3.
|
Defaults upon Senior Securities
|
|
|
|
|
Item 4.
|
Mine Safety Disclosures
|
|
|
|
|
Item 5.
|
Other Information
|
|
|
|
|
Item 6.
|
Exhibits
|
|
|
|
|
SIGNATURES
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Assets:
|
|
|
|
||||
Investment properties, at cost
|
$
|
3,968,116
|
|
|
$
|
3,933,140
|
|
Less: accumulated depreciation
|
(494,884
|
)
|
|
(432,295
|
)
|
||
|
3,473,232
|
|
|
3,500,845
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
37,902
|
|
|
33,880
|
|
||
Tenant and other receivables, including accrued straight-line rent of $26,981 and
$23,809, respectively, net of allowance for uncollectible accounts |
48,702
|
|
|
51,101
|
|
||
Restricted cash and escrow deposits
|
11,500
|
|
|
13,476
|
|
||
Deferred costs and intangibles, net
|
137,201
|
|
|
148,274
|
|
||
Prepaid and other assets
|
8,647
|
|
|
8,852
|
|
||
Total Assets
|
$
|
3,717,184
|
|
|
$
|
3,756,428
|
|
|
|
|
|
||||
Liabilities and Equity:
|
|
|
|
|
|||
Mortgage and other indebtedness, net
|
$
|
1,740,487
|
|
|
$
|
1,724,449
|
|
Accounts payable and accrued expenses
|
92,142
|
|
|
81,356
|
|
||
Deferred revenue and intangibles, net and other liabilities
|
122,669
|
|
|
131,559
|
|
||
Total Liabilities
|
1,955,298
|
|
|
1,937,364
|
|
||
Commitments and contingencies
|
—
|
|
|
—
|
|
||
Limited partners' interests in Operating Partnership and other redeemable noncontrolling interests
|
100,179
|
|
|
92,315
|
|
||
Equity:
|
|
|
|
|
|
||
Kite Realty Group Trust Shareholders' Equity:
|
|
|
|
|
|
||
Common Shares, $.01 par value, 225,000,000 shares authorized, 83,385,991 and 83,334,865
shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively |
834
|
|
|
833
|
|
||
Additional paid in capital and other
|
2,043,715
|
|
|
2,050,545
|
|
||
Accumulated other comprehensive loss
|
(11,850
|
)
|
|
(2,145
|
)
|
||
Accumulated deficit
|
(371,690
|
)
|
|
(323,257
|
)
|
||
Total Kite Realty Group Trust Shareholders' Equity
|
1,661,009
|
|
|
1,725,976
|
|
||
Noncontrolling Interests
|
698
|
|
|
773
|
|
||
Total Equity
|
1,661,707
|
|
|
1,726,749
|
|
||
Total Liabilities and Equity
|
$
|
3,717,184
|
|
|
$
|
3,756,428
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Minimum rent
|
$
|
68,455
|
|
|
$
|
64,897
|
|
|
$
|
135,918
|
|
|
$
|
130,377
|
|
Tenant reimbursements
|
17,006
|
|
|
16,489
|
|
|
35,161
|
|
|
35,104
|
|
||||
Other property related revenue
|
2,114
|
|
|
2,349
|
|
|
5,046
|
|
|
5,083
|
|
||||
Total revenue
|
87,575
|
|
|
83,735
|
|
|
176,125
|
|
|
170,564
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Property operating
|
11,346
|
|
|
11,801
|
|
|
23,538
|
|
|
24,525
|
|
||||
Real estate taxes
|
10,503
|
|
|
9,755
|
|
|
21,637
|
|
|
19,777
|
|
||||
General, administrative, and other
|
4,856
|
|
|
4,566
|
|
|
10,147
|
|
|
9,572
|
|
||||
Transaction costs
|
2,771
|
|
|
302
|
|
|
2,771
|
|
|
461
|
|
||||
Depreciation and amortization
|
43,841
|
|
|
41,212
|
|
|
86,082
|
|
|
81,648
|
|
||||
Total expenses
|
73,317
|
|
|
67,636
|
|
|
144,175
|
|
|
135,983
|
|
||||
Operating income
|
14,258
|
|
|
16,099
|
|
|
31,950
|
|
|
34,581
|
|
||||
Interest expense
|
(15,500
|
)
|
|
(13,181
|
)
|
|
(30,825
|
)
|
|
(27,114
|
)
|
||||
Income tax expense of taxable REIT subsidiary
|
(338
|
)
|
|
(69
|
)
|
|
(748
|
)
|
|
(124
|
)
|
||||
Gain on settlement
|
—
|
|
|
4,520
|
|
|
—
|
|
|
4,520
|
|
||||
Other expense, net
|
(110
|
)
|
|
(134
|
)
|
|
(94
|
)
|
|
(130
|
)
|
||||
(Loss) income before gain on sale of operating properties
|
(1,690
|
)
|
|
7,235
|
|
|
283
|
|
|
11,733
|
|
||||
Gain on sales of operating properties
|
194
|
|
|
—
|
|
|
194
|
|
|
3,363
|
|
||||
Consolidated net (loss) income
|
(1,496
|
)
|
|
7,235
|
|
|
477
|
|
|
15,096
|
|
||||
Net income attributable to noncontrolling interests
|
(399
|
)
|
|
(508
|
)
|
|
(971
|
)
|
|
(1,191
|
)
|
||||
Net (loss) income attributable to Kite Realty Group Trust
|
$
|
(1,895
|
)
|
|
$
|
6,727
|
|
|
$
|
(494
|
)
|
|
$
|
13,905
|
|
Dividends on preferred shares
|
—
|
|
|
(2,114
|
)
|
|
—
|
|
|
(4,228
|
)
|
||||
Net (loss) income attributable to common shareholders
|
$
|
(1,895
|
)
|
|
$
|
4,613
|
|
|
$
|
(494
|
)
|
|
$
|
9,677
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||
Net (loss) income per common share - basic & diluted
|
$
|
(0.02
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic
|
83,375,765
|
|
|
83,506,078
|
|
|
83,362,136
|
|
|
83,519,013
|
|
||||
Weighted average common shares outstanding - diluted
|
83,375,765
|
|
|
83,803,879
|
|
|
83,362,136
|
|
|
83,818,890
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Common dividends declared per common share
|
$
|
0.2875
|
|
|
$
|
0.2725
|
|
|
$
|
0.5750
|
|
|
$
|
0.5450
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated net (loss) income
|
$
|
(1,496
|
)
|
|
$
|
7,235
|
|
|
$
|
477
|
|
|
$
|
15,096
|
|
Change in fair value of derivatives
|
(2,619
|
)
|
|
1,509
|
|
|
(9,932
|
)
|
|
(1,717
|
)
|
||||
Total comprehensive (loss) income
|
(4,115
|
)
|
|
8,744
|
|
|
(9,455
|
)
|
|
13,379
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
(340
|
)
|
|
(487
|
)
|
|
(744
|
)
|
|
(1,108
|
)
|
||||
Comprehensive (loss) income attributable to Kite Realty Group Trust
|
$
|
(4,455
|
)
|
|
$
|
8,257
|
|
|
$
|
(10,199
|
)
|
|
$
|
12,271
|
|
|
Common Shares
|
|
Additional
Paid-in Capital
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Accumulated
Deficit
|
|
Total
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balances, December 31, 2015
|
83,334,865
|
|
|
$
|
833
|
|
|
$
|
2,050,545
|
|
|
$
|
(2,145
|
)
|
|
$
|
(323,257
|
)
|
|
$
|
1,725,976
|
|
Stock compensation activity
|
47,126
|
|
|
1
|
|
|
1,918
|
|
|
—
|
|
|
—
|
|
|
1,919
|
|
|||||
Other comprehensive loss
attributable to Kite Realty Group Trust |
—
|
|
|
—
|
|
|
—
|
|
|
(9,705
|
)
|
|
—
|
|
|
(9,705
|
)
|
|||||
Distributions declared to common
shareholders |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,939
|
)
|
|
(47,939
|
)
|
|||||
Net loss attributable to Kite
Realty Group Trust |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(494
|
)
|
|
(494
|
)
|
|||||
Exchange of redeemable noncontrolling
interests for common shares |
4,000
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|||||
Adjustment to redeemable
noncontrolling interests |
—
|
|
|
—
|
|
|
(8,856
|
)
|
|
—
|
|
|
—
|
|
|
(8,856
|
)
|
|||||
Balances, June 30, 2016
|
83,385,991
|
|
|
$
|
834
|
|
|
$
|
2,043,715
|
|
|
$
|
(11,850
|
)
|
|
$
|
(371,690
|
)
|
|
$
|
1,661,009
|
|
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Consolidated net income
|
$
|
477
|
|
|
$
|
15,096
|
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Straight-line rent
|
(2,842
|
)
|
|
(2,809
|
)
|
||
Depreciation and amortization
|
87,713
|
|
|
83,286
|
|
||
Gain on sale of operating properties, net
|
(194
|
)
|
|
(3,363
|
)
|
||
Gain on settlement retained in escrow
|
—
|
|
|
(4,520
|
)
|
||
Provision for credit losses
|
1,291
|
|
|
1,528
|
|
||
Compensation expense for equity awards
|
2,573
|
|
|
2,089
|
|
||
Amortization of debt fair value adjustment
|
(2,128
|
)
|
|
(3,123
|
)
|
||
Amortization of in-place lease liabilities, net
|
(3,252
|
)
|
|
(1,555
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Tenant receivables and other
|
3,456
|
|
|
4,640
|
|
||
Deferred costs and other assets
|
(5,917
|
)
|
|
(4,626
|
)
|
||
Accounts payable, accrued expenses, deferred revenue and other liabilities
|
(232
|
)
|
|
41
|
|
||
Payments on assumed earnout liability
|
—
|
|
|
(929
|
)
|
||
Net cash provided by operating activities
|
80,945
|
|
|
85,755
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Deposits related to acquisitions
|
—
|
|
|
(4,000
|
)
|
||
Acquisitions of interests in properties
|
—
|
|
|
(94,201
|
)
|
||
Capital expenditures, net
|
(44,223
|
)
|
|
(47,745
|
)
|
||
Net proceeds from sales of operating properties
|
139
|
|
|
126,460
|
|
||
Collection of note receivable
|
500
|
|
|
—
|
|
||
Change in construction payables
|
(1,260
|
)
|
|
3,361
|
|
||
Net cash used in investing activities
|
(44,844
|
)
|
|
(16,125
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Purchase of redeemable noncontrolling interests
|
—
|
|
|
(33,998
|
)
|
||
Repurchases of common shares upon the vesting of restricted shares
|
(755
|
)
|
|
(703
|
)
|
||
Loan proceeds
|
178,970
|
|
|
357,742
|
|
||
Loan transaction costs
|
(887
|
)
|
|
(1,415
|
)
|
||
Loan payments
|
(160,597
|
)
|
|
(314,377
|
)
|
||
Distributions paid – common shareholders
|
(46,676
|
)
|
|
(44,483
|
)
|
||
Distributions paid - preferred shareholders
|
—
|
|
|
(4,228
|
)
|
||
Distributions paid – redeemable noncontrolling interests
|
(1,941
|
)
|
|
(1,816
|
)
|
||
Distributions to noncontrolling interests
|
(193
|
)
|
|
(58
|
)
|
||
Net cash used in financing activities
|
(32,079
|
)
|
|
(43,336
|
)
|
||
Net change in cash and cash equivalents
|
4,022
|
|
|
26,294
|
|
||
Cash and cash equivalents, beginning of period
|
33,880
|
|
|
43,826
|
|
||
Cash and cash equivalents, end of period
|
$
|
37,902
|
|
|
$
|
70,120
|
|
|
|
|
|
||||
Non-cash investing and financing activities
|
|
|
|
||||
Assumption of mortgages by buyer upon sale of properties
|
$
|
—
|
|
|
$
|
40,303
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Assets:
|
|
|
|
||||
Investment properties, at cost
|
$
|
3,968,116
|
|
|
$
|
3,933,140
|
|
Less: accumulated depreciation
|
(494,884
|
)
|
|
(432,295
|
)
|
||
|
3,473,232
|
|
|
3,500,845
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
37,902
|
|
|
33,880
|
|
||
Tenant and other receivables, including accrued straight-line rent of $26,981 and
$23,809, respectively, net of allowance for uncollectible accounts |
48,702
|
|
|
51,101
|
|
||
Restricted cash and escrow deposits
|
11,500
|
|
|
13,476
|
|
||
Deferred costs and intangibles, net
|
137,201
|
|
|
148,274
|
|
||
Prepaid and other assets
|
8,647
|
|
|
8,852
|
|
||
Total Assets
|
$
|
3,717,184
|
|
|
$
|
3,756,428
|
|
|
|
|
|
||||
Liabilities and Equity:
|
|
|
|
|
|||
Mortgage and other indebtedness, net
|
$
|
1,740,487
|
|
|
$
|
1,724,449
|
|
Accounts payable and accrued expenses
|
92,142
|
|
|
81,356
|
|
||
Deferred revenue and intangibles, net and other liabilities
|
122,669
|
|
|
131,559
|
|
||
Total Liabilities
|
1,955,298
|
|
|
1,937,364
|
|
||
Commitments and contingencies
|
—
|
|
|
—
|
|
||
Redeemable Limited Partners’ and other redeemable noncontrolling interests
|
100,179
|
|
|
92,315
|
|
||
Partners Equity:
|
|
|
|
||||
Parent Company:
|
|
|
|
||||
Common equity, 83,385,991 and 83,334,865 units issued and outstanding
at June 30, 2016 and December 31, 2015, respectively |
1,672,859
|
|
|
1,728,121
|
|
||
Accumulated other comprehensive loss
|
(11,850
|
)
|
|
(2,145
|
)
|
||
Total Partners Equity
|
1,661,009
|
|
|
1,725,976
|
|
||
Noncontrolling Interests
|
698
|
|
|
773
|
|
||
Total Equity
|
1,661,707
|
|
|
1,726,749
|
|
||
Total Liabilities and Equity
|
$
|
3,717,184
|
|
|
$
|
3,756,428
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Minimum rent
|
$
|
68,455
|
|
|
$
|
64,897
|
|
|
$
|
135,918
|
|
|
$
|
130,377
|
|
Tenant reimbursements
|
17,006
|
|
|
16,489
|
|
|
35,161
|
|
|
35,104
|
|
||||
Other property related revenue
|
2,114
|
|
|
2,349
|
|
|
5,046
|
|
|
5,083
|
|
||||
Total revenue
|
87,575
|
|
|
83,735
|
|
|
176,125
|
|
|
170,564
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Property operating
|
11,346
|
|
|
11,801
|
|
|
23,538
|
|
|
24,525
|
|
||||
Real estate taxes
|
10,503
|
|
|
9,755
|
|
|
21,637
|
|
|
19,777
|
|
||||
General, administrative, and other
|
4,856
|
|
|
4,566
|
|
|
10,147
|
|
|
9,572
|
|
||||
Transaction costs
|
2,771
|
|
|
302
|
|
|
2,771
|
|
|
461
|
|
||||
Depreciation and amortization
|
43,841
|
|
|
41,212
|
|
|
86,082
|
|
|
81,648
|
|
||||
Total expenses
|
73,317
|
|
|
67,636
|
|
|
144,175
|
|
|
135,983
|
|
||||
Operating income
|
14,258
|
|
|
16,099
|
|
|
31,950
|
|
|
34,581
|
|
||||
Interest expense
|
(15,500
|
)
|
|
(13,181
|
)
|
|
(30,825
|
)
|
|
(27,114
|
)
|
||||
Income tax expense of taxable REIT subsidiary
|
(338
|
)
|
|
(69
|
)
|
|
(748
|
)
|
|
(124
|
)
|
||||
Gain on settlement
|
—
|
|
|
4,520
|
|
|
—
|
|
|
4,520
|
|
||||
Other expense, net
|
(110
|
)
|
|
(134
|
)
|
|
(94
|
)
|
|
(130
|
)
|
||||
(Loss) income before gain on sale of operating properties
|
(1,690
|
)
|
|
7,235
|
|
|
283
|
|
|
11,733
|
|
||||
Gain on sales of operating properties
|
194
|
|
|
—
|
|
|
194
|
|
|
3,363
|
|
||||
Consolidated net (loss) income
|
(1,496
|
)
|
|
7,235
|
|
|
477
|
|
|
15,096
|
|
||||
Net income attributable to noncontrolling interests
|
(461
|
)
|
|
(414
|
)
|
|
(983
|
)
|
|
(1,001
|
)
|
||||
Distributions on preferred units
|
—
|
|
|
(2,114
|
)
|
|
—
|
|
|
(4,228
|
)
|
||||
Net (loss) income attributable to common unitholders
|
$
|
(1,957
|
)
|
|
$
|
4,707
|
|
|
$
|
(506
|
)
|
|
$
|
9,867
|
|
|
|
|
|
|
|
|
|
||||||||
Allocation of net (loss) income:
|
|
|
|
|
|
|
|
||||||||
Limited Partners
|
$
|
(62
|
)
|
|
$
|
94
|
|
|
$
|
(12
|
)
|
|
$
|
190
|
|
Parent Company
|
(1,895
|
)
|
|
4,613
|
|
|
(494
|
)
|
|
9,677
|
|
||||
|
$
|
(1,957
|
)
|
|
$
|
4,707
|
|
|
$
|
(506
|
)
|
|
$
|
9,867
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per unit - basic & diluted
|
$
|
(0.02
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common units outstanding - basic
|
85,320,923
|
|
|
85,231,284
|
|
|
85,295,968
|
|
|
85,202,110
|
|
||||
Weighted average common units outstanding - diluted
|
85,320,923
|
|
|
85,529,084
|
|
|
85,295,968
|
|
|
85,501,987
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Distributions declared per common unit
|
$
|
0.2875
|
|
|
$
|
0.2725
|
|
|
$
|
0.5750
|
|
|
$
|
0.5450
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated net (loss) income
|
$
|
(1,496
|
)
|
|
$
|
7,235
|
|
|
$
|
477
|
|
|
$
|
15,096
|
|
Change in fair value of derivatives
|
(2,619
|
)
|
|
1,509
|
|
|
(9,932
|
)
|
|
(1,717
|
)
|
||||
Total comprehensive (loss) income
|
(4,115
|
)
|
|
8,744
|
|
|
(9,455
|
)
|
|
13,379
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
(461
|
)
|
|
(414
|
)
|
|
(983
|
)
|
|
(1,001
|
)
|
||||
Comprehensive (loss) income attributable to common unitholders
|
$
|
(4,576
|
)
|
|
$
|
8,330
|
|
|
$
|
(10,438
|
)
|
|
$
|
12,378
|
|
|
General Partner
|
|
Total
|
||||||||
|
Common Equity
|
|
Accumulated
Other
Comprehensive
Loss
|
|
|||||||
|
|
|
|
|
|
||||||
Balances, December 31, 2015
|
$
|
1,728,121
|
|
|
$
|
(2,145
|
)
|
|
$
|
1,725,976
|
|
Stock compensation activity
|
1,919
|
|
|
—
|
|
|
1,919
|
|
|||
Other comprehensive loss attributable to Parent Company
|
—
|
|
|
(9,705
|
)
|
|
(9,705
|
)
|
|||
Distributions declared to Parent Company
|
(47,939
|
)
|
|
—
|
|
|
(47,939
|
)
|
|||
Net loss
|
(494
|
)
|
|
—
|
|
|
(494
|
)
|
|||
Conversion of Limited Partner Units to shares of the Parent Company
|
108
|
|
|
—
|
|
|
108
|
|
|||
Adjustment to redeemable noncontrolling interests
|
(8,856
|
)
|
|
—
|
|
|
(8,856
|
)
|
|||
Balances, June 30, 2016
|
$
|
1,672,859
|
|
|
$
|
(11,850
|
)
|
|
$
|
1,661,009
|
|
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Consolidated net income
|
$
|
477
|
|
|
$
|
15,096
|
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
|
|
|
|
||||
Straight-line rent
|
(2,842
|
)
|
|
(2,809
|
)
|
||
Depreciation and amortization
|
87,713
|
|
|
83,286
|
|
||
Gain on sale of operating properties, net
|
(194
|
)
|
|
(3,363
|
)
|
||
Gain on settlement retained in escrow
|
—
|
|
|
(4,520
|
)
|
||
Provision for credit losses
|
1,291
|
|
|
1,528
|
|
||
Compensation expense for equity awards
|
2,573
|
|
|
2,089
|
|
||
Amortization of debt fair value adjustment
|
(2,128
|
)
|
|
(3,123
|
)
|
||
Amortization of in-place lease liabilities, net
|
(3,252
|
)
|
|
(1,555
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Tenant receivables and other
|
3,456
|
|
|
4,640
|
|
||
Deferred costs and other assets
|
(5,917
|
)
|
|
(4,626
|
)
|
||
Accounts payable, accrued expenses, deferred revenue and other liabilities
|
(232
|
)
|
|
41
|
|
||
Payments on assumed earnout liability
|
—
|
|
|
(929
|
)
|
||
Net cash provided by operating activities
|
80,945
|
|
|
85,755
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Deposits related to acquisitions
|
—
|
|
|
(4,000
|
)
|
||
Acquisitions of interests in properties
|
—
|
|
|
(94,201
|
)
|
||
Capital expenditures, net
|
(44,223
|
)
|
|
(47,745
|
)
|
||
Net proceeds from sales of operating properties
|
139
|
|
|
126,460
|
|
||
Collection of note receivable
|
500
|
|
|
—
|
|
||
Change in construction payables
|
(1,260
|
)
|
|
3,361
|
|
||
Net cash used in investing activities
|
(44,844
|
)
|
|
(16,125
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Purchase of redeemable noncontrolling interests
|
—
|
|
|
(33,998
|
)
|
||
Repurchases of common shares upon the vesting of restricted shares
|
(755
|
)
|
|
(703
|
)
|
||
Loan proceeds
|
178,970
|
|
|
357,742
|
|
||
Loan transaction costs
|
(887
|
)
|
|
(1,415
|
)
|
||
Loan payments
|
(160,597
|
)
|
|
(314,377
|
)
|
||
Distributions paid – common unitholders
|
(46,676
|
)
|
|
(44,483
|
)
|
||
Distributions paid - preferred unitholders
|
—
|
|
|
(4,228
|
)
|
||
Distributions paid – redeemable noncontrolling interests - subsidiaries
|
(1,941
|
)
|
|
(1,816
|
)
|
||
Distributions to noncontrolling interests
|
(193
|
)
|
|
(58
|
)
|
||
Net cash used in financing activities
|
(32,079
|
)
|
|
(43,336
|
)
|
||
Net change in cash and cash equivalents
|
4,022
|
|
|
26,294
|
|
||
Cash and cash equivalents, beginning of period
|
33,880
|
|
|
43,826
|
|
||
Cash and cash equivalents, end of period
|
$
|
37,902
|
|
|
$
|
70,120
|
|
|
|
|
|
||||
Non-cash investing and financing activities
|
|
|
|
||||
Assumption of mortgages by buyer upon sale of properties
|
$
|
—
|
|
|
$
|
40,303
|
|
|
2016
|
|
2015
|
||||
Noncontrolling interests balance January 1
|
$
|
773
|
|
|
$
|
3,364
|
|
Net income allocable to noncontrolling interests,
excluding redeemable noncontrolling interests |
118
|
|
|
58
|
|
||
Distributions to noncontrolling interests
|
(193
|
)
|
|
(58
|
)
|
||
Acquisition of partner's interest in Beacon Hill
|
—
|
|
|
(2,353
|
)
|
||
Noncontrolling interests balance at June 30
|
$
|
698
|
|
|
$
|
1,011
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Parent Company’s weighted average basic interest in
Operating Partnership |
97.7
|
%
|
|
98.0
|
%
|
|
97.7
|
%
|
|
98.0
|
%
|
Limited partners' weighted average basic interests in
Operating Partnership |
2.3
|
%
|
|
2.0
|
%
|
|
2.3
|
%
|
|
2.0
|
%
|
|
2016
|
|
2015
|
||||
Redeemable noncontrolling interests balance January 1
|
$
|
92,315
|
|
|
$
|
125,082
|
|
Acquisition of partner's interest in City Center operating property
|
—
|
|
|
(33,998
|
)
|
||
Net income allocable to redeemable noncontrolling interests
|
853
|
|
|
1,133
|
|
||
Distributions declared to redeemable noncontrolling interests
|
(1,983
|
)
|
|
(1,912
|
)
|
||
Other, net, including adjustments to redemption value
|
8,994
|
|
|
(2,192
|
)
|
||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at June 30
|
$
|
100,179
|
|
|
$
|
88,113
|
|
|
|
|
|
||||
|
|
|
|
||||
Limited partners' interests in Operating Partnership
|
$
|
55,743
|
|
|
$
|
47,321
|
|
Other redeemable noncontrolling interests in certain subsidiaries
|
44,436
|
|
|
40,792
|
|
||
Total limited partners' interests in Operating Partnership and other redeemable noncontrolling interests balance at June 30
|
$
|
100,179
|
|
|
$
|
88,113
|
|
•
|
Level 1 fair value inputs are quoted prices in active markets for identical instruments to which we have access.
|
•
|
Level 2 fair value inputs are inputs other than quoted prices included in Level 1 that are observable for similar instruments, either directly or indirectly, and appropriately considers counterparty creditworthiness in the valuations.
|
•
|
Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an instrument at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate.
|
|
As of June 30, 2016
|
||||||||||||||
|
Principal
|
|
Unamortized Net Premiums
|
|
Unamortized Deferred Financing Costs
1
|
|
Total
|
||||||||
Senior unsecured notes
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
(2,657
|
)
|
|
$
|
247,343
|
|
Unsecured revolving credit facility
|
—
|
|
|
—
|
|
|
(1,398
|
)
|
|
(1,398
|
)
|
||||
Unsecured term loans
|
600,000
|
|
|
—
|
|
|
(2,641
|
)
|
|
597,359
|
|
||||
Notes payable secured by properties under construction - variable rate
|
132,776
|
|
|
—
|
|
|
(61
|
)
|
|
132,715
|
|
||||
Mortgage notes payable - fixed rate
|
693,835
|
|
|
14,394
|
|
|
(1,224
|
)
|
|
707,005
|
|
||||
Mortgage notes payable - variable rate
|
57,903
|
|
|
—
|
|
|
(440
|
)
|
|
57,463
|
|
||||
Total mortgage and other indebtedness
|
$
|
1,734,514
|
|
|
$
|
14,394
|
|
|
$
|
(8,421
|
)
|
|
$
|
1,740,487
|
|
|
As of December 31, 2015
|
||||||||||||||
|
Principal
|
|
Unamortized Net Premiums
|
|
Unamortized Deferred Financing Costs
1
|
|
Total
|
||||||||
Senior unsecured notes
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
(2,755
|
)
|
|
$
|
247,245
|
|
Unsecured revolving credit facility
|
20,000
|
|
|
—
|
|
|
(1,727
|
)
|
|
18,273
|
|
||||
Unsecured term loans
|
500,000
|
|
|
—
|
|
|
(2,985
|
)
|
|
497,015
|
|
||||
Notes payable secured by properties under construction - variable rate
|
132,776
|
|
|
—
|
|
|
(133
|
)
|
|
132,643
|
|
||||
Mortgage notes payable - fixed rate
|
756,494
|
|
|
16,521
|
|
|
(1,555
|
)
|
|
771,460
|
|
||||
Mortgage notes payable - variable rate
|
58,268
|
|
|
—
|
|
|
(455
|
)
|
|
57,813
|
|
||||
Total mortgage and other indebtedness
|
$
|
1,717,538
|
|
|
$
|
16,521
|
|
|
$
|
(9,610
|
)
|
|
$
|
1,724,449
|
|
____________________
|
|
1
|
Effective March 31, 2016, we adopted ASC 2015-03,
Simplifying the Presentation of Debt Issuance Costs,
which changes the presentation of deferred financing costs on the consolidated balance sheets. This guidance was adopted retrospectively and all prior periods have been adjusted to reflect this change in accounting principle.
|
|
Outstanding Amount
|
|
Ratio
|
|
Weighted Average
Interest Rate |
|
Weighted Average
Maturity (Years) |
||||
Fixed rate debt
1
|
$
|
1,588,837
|
|
|
91
|
%
|
|
4.05
|
%
|
|
5.1
|
Variable rate debt
|
145,677
|
|
|
9
|
%
|
|
2.09
|
%
|
|
3.8
|
|
Net debt premiums and issuance costs, net
|
5,973
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
Total
|
$1,740,487
|
|
100
|
%
|
|
3.89
|
%
|
|
5.0
|
____________________
|
|
1
|
Calculations on fixed rate debt include the portion of variable rate debt that has been hedged; therefore, calculations on variable rate debt exclude the portion of variable rate debt that has been hedged. $645 million in variable rate debt is hedged for a weighted average 2.3 years.
|
•
|
In the first six months of 2016, we retired the
$16.3 million
loan secured by our Cool Creek Commons operating property, the
$23.6 million
loan secured by our Sunland Towne Centre operating property and the
$20.3 million
loan secured by our Mullins Crossing operating property;
|
•
|
We borrowed
$79.0 million
on the unsecured revolving credit facility to fund the above retirements of secured debt and for general business purposes and
$100 million
on the
seven
-year unsecured term loan to pay down the unsecured revolving credit facility; and
|
•
|
We made scheduled principal payments on indebtedness totaling
$3.0 million
in the first six months of 2016.
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Acquired lease intangible assets
|
$
|
128,656
|
|
|
$
|
138,796
|
|
Deferred leasing costs and other
|
60,802
|
|
|
55,332
|
|
||
|
189,458
|
|
|
194,128
|
|
||
Less—accumulated amortization
|
(52,257
|
)
|
|
(45,854
|
)
|
||
Total
|
$
|
137,201
|
|
|
$
|
148,274
|
|
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Amortization of deferred leasing costs, lease intangibles and other
|
$
|
13,242
|
|
|
$
|
11,625
|
|
Amortization of above market lease intangibles
|
3,796
|
|
|
2,976
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Unamortized in-place lease liabilities
|
$
|
104,946
|
|
|
$
|
112,405
|
|
Retainage payables and other
|
5,835
|
|
|
5,636
|
|
||
Assumed earnout liability (Note 9)
|
1,380
|
|
|
1,380
|
|
||
Tenant rent payments received in advance
|
10,508
|
|
|
12,138
|
|
||
Total
|
$
|
122,669
|
|
|
$
|
131,559
|
|
Property Name
|
|
MSA
|
|
Acquisition Date
|
|
Owned GLA
|
|
Colleyville Downs
|
|
Dallas, TX
|
|
April 2015
|
|
191,126
|
|
Belle Isle Station
|
|
Oklahoma City, OK
|
|
May 2015
|
|
164,362
|
|
Livingston Shopping Center
|
|
New York
-
Newark
|
|
July 2015
|
|
139,657
|
|
Chapel Hill Shopping Center
|
|
Fort Worth / Dallas, TX
|
|
August 2015
|
|
126,755
|
|
•
|
national and local economic, business, real estate and other market conditions, particularly in light of low growth in the U.S. economy as well as economic uncertainty caused by fluctuations in the prices of oil and other energy sources;
|
•
|
financing risks, including the availability of and costs associated with sources of liquidity;
|
•
|
our ability to refinance, or extend the maturity dates of, our indebtedness;
|
•
|
the level and volatility of interest rates;
|
•
|
the financial stability of tenants, including their ability to pay rent and the risk of tenant bankruptcies;
|
•
|
the competitive environment in which we operate;
|
•
|
acquisition, disposition, development and joint venture risks;
|
•
|
property ownership and management risks;
|
•
|
our ability to maintain our status as a real estate investment trust for federal income tax purposes;
|
•
|
potential environmental and other liabilities;
|
•
|
impairment in the value of real estate property we own;
|
•
|
risks related to the geographical concentration of our properties in Florida, Indiana and Texas;
|
•
|
insurance costs and coverage;
|
•
|
risks related to cybersecurity attacks and the loss of confidential information and other business disruptions;
|
•
|
other factors affecting the real estate industry generally; and
|
•
|
other uncertainties and factors identified in this Quarterly Report on Form 10-Q and, from time to time, in other reports we file with the Securities and Exchange Commission (the “SEC”) or in other documents that we publicly disseminate, including, in particular, the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31,
2015
.
|
Property Name
|
|
MSA
|
|
Acquisition Date
|
|
Owned GLA
|
|
Colleyville Downs
|
|
Dallas, TX
|
|
April 2015
|
|
191,126
|
|
Belle Isle Station
|
|
Oklahoma City, OK
|
|
May 2015
|
|
164,362
|
|
Livingston Shopping Center
|
|
New York
-
Newark
|
|
July 2015
|
|
139,657
|
|
Chapel Hill Shopping Center
|
|
Fort Worth / Dallas, TX
|
|
August 2015
|
|
126,755
|
|
Property Name
|
|
MSA
|
|
Disposition Date
|
|
Owned GLA
|
|
Sale of seven operating properties
|
|
Various
1
|
|
March 2015
|
|
740,034
|
|
Cornelius Gateway
|
|
Portland, OR
|
|
December 2015
|
|
21,326
|
|
Four Corner Square
|
|
Seattle, WA
|
|
December 2015
|
|
107,998
|
|
Shops at Otty
|
|
Portland, OR
|
|
June 2016
|
|
9,845
|
|
____________________
|
|
1
|
Shortly after the merger with Inland Diversified we identified and sold certain properties located in multiple MSAs that were not consistent with the Company's strategic plan.
|
Property Name
|
|
MSA
|
|
Economic Occupancy Date
1
|
|
Owned GLA
|
|
Holly Springs Towne Center – Phase II
|
|
Raleigh, NC
|
|
December 2015
|
|
119,027
|
|
Tamiami Crossing
|
|
Naples, FL
|
|
March 2016
|
|
121,958
|
|
____________________
|
|
1
|
Represents the date on which we started receiving rental payments under tenant leases or ground leases at the property or the tenant took possession of the property, whichever was earlier.
|
Property Name
|
|
MSA
|
|
Transition to
Redevelopment
1
|
|
Transition to Operations
|
|
Owned GLA
|
|
Gainesville Plaza
|
|
Gainesville, FL
|
|
June 2013
|
|
December 2015
|
|
162,693
|
|
Cool Springs Market
|
|
Nashville, TN
|
|
July 2015
|
|
December 2015
|
|
230,948
|
|
Courthouse Shadows
2,3
|
|
Naples, FL
|
|
June 2013
|
|
Pending
|
|
8,160
|
|
Hamilton Crossing Centre
2
|
|
Indianapolis, IN
|
|
June 2014
|
|
Pending
|
|
93,839
|
|
City Center
2
|
|
White Plains, NY
|
|
December 2015
|
|
Pending
|
|
313,139
|
|
Fishers Station
2
|
|
Indianapolis, IN
|
|
December 2015
|
|
Pending
|
|
175,290
|
|
Beechwood Promenade
2
|
|
Athens, GA
|
|
December 2015
|
|
Pending
|
|
353,970
|
|
The Corner
2
|
|
Indianapolis, IN
|
|
December 2015
|
|
Pending
|
|
26,500
|
|
Rampart Commons
2
|
|
Las Vegas, NV
|
|
March 2016
|
|
Pending
|
|
81,292
|
|
Northdale Promenade
2
|
|
Tampa, FL
|
|
March 2016
|
|
Pending
|
|
179,680
|
|
Burnt Store
2
|
|
Punta Gorda, FL
|
|
June 2016
|
|
Pending
|
|
95,787
|
|
____________________
|
|
1
|
Transition date represents the date the property was transferred from our operating portfolio into redevelopment status.
|
2
|
These operating properties have been identified as redevelopment properties and they are not included in the operating portfolio or the same property pool.
|
3
|
Our redevelopment plan is to demolish the site to add a large format single tenant ground lease with projected total GLA at the site of 140,710 square feet.
|
($ in thousands)
|
2016
|
|
2015
|
|
Net change 2015 to 2016
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Rental income (including tenant reimbursements)
|
$
|
85,461
|
|
|
$
|
81,386
|
|
|
$
|
4,075
|
|
Other property related revenue
|
2,114
|
|
|
2,349
|
|
|
(235
|
)
|
|||
Total revenue
|
87,575
|
|
|
83,735
|
|
|
3,840
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Property operating
|
11,346
|
|
|
11,801
|
|
|
(455
|
)
|
|||
Real estate taxes
|
10,503
|
|
|
9,755
|
|
|
748
|
|
|||
General, administrative, and other
|
4,856
|
|
|
4,566
|
|
|
290
|
|
|||
Transaction costs
|
2,771
|
|
|
302
|
|
|
2,469
|
|
|||
Depreciation and amortization
|
43,841
|
|
|
41,212
|
|
|
2,629
|
|
|||
Total expenses
|
73,317
|
|
|
67,636
|
|
|
5,681
|
|
|||
Operating income
|
14,258
|
|
|
16,099
|
|
|
(1,841
|
)
|
|||
Interest expense
|
(15,500
|
)
|
|
(13,181
|
)
|
|
(2,319
|
)
|
|||
Income tax expense of taxable REIT subsidiary
|
(338
|
)
|
|
(69
|
)
|
|
(269
|
)
|
|||
Gain on settlement
|
—
|
|
|
4,520
|
|
|
(4,520
|
)
|
|||
Other expense, net
|
(110
|
)
|
|
(134
|
)
|
|
24
|
|
|||
(Loss) income before gain on sale of operating properties
|
(1,690
|
)
|
|
7,235
|
|
|
(8,925
|
)
|
|||
Gain on sales of operating properties
|
194
|
|
|
—
|
|
|
194
|
|
|||
Consolidated net (loss) income
|
(1,496
|
)
|
|
7,235
|
|
|
(8,731
|
)
|
|||
Net income attributable to noncontrolling interests
|
(399
|
)
|
|
(508
|
)
|
|
109
|
|
|||
Net (loss) income attributable to Kite Realty Group Trust
|
(1,895
|
)
|
|
6,727
|
|
|
(8,622
|
)
|
|||
Dividends on preferred shares
|
—
|
|
|
(2,114
|
)
|
|
2,114
|
|
|||
Net (loss) income attributable to common shareholders
|
$
|
(1,895
|
)
|
|
$
|
4,613
|
|
|
$
|
(6,508
|
)
|
|
|
|
|
|
|
||||||
Property operating expense to total revenue ratio
|
13.0
|
%
|
|
14.1
|
%
|
|
|
($ in thousands)
|
Net change 2015 to 2016
|
||
Properties acquired during 2015
|
$
|
2,667
|
|
Development properties that became operational or were partially operational in 2015 and/or 2016
|
1,266
|
|
|
Properties sold during 2015 and 2016
|
(739
|
)
|
|
Properties under redevelopment during 2015 and/or 2016
|
99
|
|
|
Properties fully operational during 2015 and 2016 and other
|
782
|
|
|
Total
|
$
|
4,075
|
|
($ in thousands)
|
Net change 2015 to 2016
|
||
Properties acquired during 2015
|
$
|
627
|
|
Development properties that became operational or were partially operational in 2015 and/or 2016
|
190
|
|
|
Properties sold during 2015 and 2016
|
(175
|
)
|
|
Properties under redevelopment during 2015 and/or 2016
|
(211
|
)
|
|
Properties fully operational during 2015 and 2016 and other
|
(886
|
)
|
|
Total
|
$
|
(455
|
)
|
($ in thousands)
|
Net change 2015 to 2016
|
||
Properties acquired during 2015
|
$
|
662
|
|
Development properties that became operational or were partially operational in 2015 and/or 2016
|
82
|
|
|
Properties sold during 2015 and 2016
|
(56
|
)
|
|
Properties under redevelopment during 2015 and/or 2016
|
(49
|
)
|
|
Properties fully operational during 2015 and 2016 and other
|
109
|
|
|
Total
|
$
|
748
|
|
($ in thousands)
|
Net change 2015 to 2016
|
||
Properties acquired during 2015
|
$
|
1,256
|
|
Development properties that became operational or were partially operational in 2015 and/or 2016
|
578
|
|
|
Properties sold during 2015 and 2016
|
(404
|
)
|
|
Properties under redevelopment during 2015 and/or 2016
|
102
|
|
|
Properties fully operational during 2015 and 2016 and other
|
1,097
|
|
|
Total
|
$
|
2,629
|
|
($ in thousands)
|
2016
|
|
2015
|
|
Net change 2015 to 2016
|
||||||
Revenue:
|
|
|
|
|
|
||||||
Rental income (including tenant reimbursements)
|
$
|
171,079
|
|
|
$
|
165,481
|
|
|
$
|
5,598
|
|
Other property related revenue
|
5,046
|
|
|
5,083
|
|
|
(37
|
)
|
|||
Total revenue
|
176,125
|
|
|
170,564
|
|
|
5,561
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Property operating
|
23,538
|
|
|
24,525
|
|
|
(987
|
)
|
|||
Real estate taxes
|
21,637
|
|
|
19,777
|
|
|
1,860
|
|
|||
General, administrative, and other
|
10,147
|
|
|
9,572
|
|
|
575
|
|
|||
Transaction costs
|
2,771
|
|
|
461
|
|
|
2,310
|
|
|||
Depreciation and amortization
|
86,082
|
|
|
81,648
|
|
|
4,434
|
|
|||
Total expenses
|
144,175
|
|
|
135,983
|
|
|
8,192
|
|
|||
Operating income
|
31,950
|
|
|
34,581
|
|
|
(2,631
|
)
|
|||
Interest expense
|
(30,825
|
)
|
|
(27,114
|
)
|
|
(3,711
|
)
|
|||
Income tax expense of taxable REIT subsidiary
|
(748
|
)
|
|
(124
|
)
|
|
(624
|
)
|
|||
Gain on settlement
|
—
|
|
|
4,520
|
|
|
(4,520
|
)
|
|||
Other expense, net
|
(94
|
)
|
|
(130
|
)
|
|
36
|
|
|||
Income before gain on sale of operating properties
|
283
|
|
|
11,733
|
|
|
(11,450
|
)
|
|||
Gain on sales of operating properties
|
194
|
|
|
3,363
|
|
|
(3,169
|
)
|
|||
Consolidated net income
|
477
|
|
|
15,096
|
|
|
(14,619
|
)
|
|||
Net income attributable to noncontrolling interests
|
(971
|
)
|
|
(1,191
|
)
|
|
220
|
|
|||
Net (loss) income attributable to Kite Realty Group Trust
|
(494
|
)
|
|
13,905
|
|
|
(14,399
|
)
|
|||
Dividends on preferred shares
|
—
|
|
|
(4,228
|
)
|
|
4,228
|
|
|||
Net (loss) income attributable to common shareholders
|
$
|
(494
|
)
|
|
$
|
9,677
|
|
|
$
|
(10,171
|
)
|
|
|
|
|
|
|
||||||
Property operating expense to total revenue ratio
|
13.4
|
%
|
|
14.4
|
%
|
|
|
($ in thousands)
|
Net change 2015 to 2016
|
||
Properties acquired during 2015
|
$
|
6,712
|
|
Development properties that became operational or were partially operational in 2015 and/or 2016
|
2,410
|
|
|
Properties sold during 2015 and 2016
|
(4,385
|
)
|
|
Properties under redevelopment during 2015 and/or 2016
|
(663
|
)
|
|
Properties fully operational during 2015 and 2016 and other
|
1,524
|
|
|
Total
|
$
|
5,598
|
|
($ in thousands)
|
Net change 2015 to 2016
|
||
Properties acquired during 2015
|
$
|
1,439
|
|
Development properties that became operational or were partially operational in 2015 and/or 2016
|
375
|
|
|
Properties sold during 2015 and 2016
|
(780
|
)
|
|
Properties under redevelopment during 2015 and/or 2016
|
(314
|
)
|
|
Properties fully operational during 2015 and 2016 and other
|
(1,707
|
)
|
|
Total
|
$
|
(987
|
)
|
($ in thousands)
|
Net change 2015 to 2016
|
||
Properties acquired during 2015
|
$
|
1,423
|
|
Development properties that became operational or were partially operational in 2015 and/or 2016
|
137
|
|
|
Properties sold during 2015 and 2016
|
(427
|
)
|
|
Properties under redevelopment during 2015 and/or 2016
|
(65
|
)
|
|
Properties fully operational during 2015 and 2016 and other
|
792
|
|
|
Total
|
$
|
1,860
|
|
($ in thousands)
|
Net change 2015 to 2016
|
||
Properties acquired during 2015
|
$
|
3,647
|
|
Development properties that became operational or were partially operational in 2015 and/or 2016
|
911
|
|
|
Properties sold during 2015 and 2016
|
(793
|
)
|
|
Properties under redevelopment during 2015 and/or 2016
|
320
|
|
|
Properties fully operational during 2015 and 2016 and other
|
349
|
|
|
Total
|
$
|
4,434
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||
($ in thousands)
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
||||||||||
Number of properties for the quarter
1
|
102
|
|
|
102
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leased percentage
|
95.3
|
%
|
|
95.4
|
%
|
|
|
|
95.3
|
%
|
|
95.4
|
%
|
|
|
||||||
Economic Occupancy percentage
2
|
94.0
|
%
|
|
93.8
|
%
|
|
|
|
94.0
|
%
|
|
93.8
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net operating income - same properties
3
|
$
|
52,460
|
|
|
$
|
51,146
|
|
|
2.6
|
%
|
|
$
|
104,684
|
|
|
$
|
101,648
|
|
|
3.0
|
%
|
Net operating income - same properties excluding the impact of the 3-R initiative
5
|
|
|
|
|
3.6
|
%
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net operating income - same properties
|
$
|
52,460
|
|
|
$
|
51,146
|
|
|
|
|
|
$
|
104,684
|
|
|
$
|
101,648
|
|
|
|
|
Net operating income - non-same activity
4
|
13,266
|
|
|
11,033
|
|
|
|
|
|
26,266
|
|
|
24,614
|
|
|
|
|
||||
Other expense, net
|
(448
|
)
|
|
(203
|
)
|
|
|
|
|
(842
|
)
|
|
(254
|
)
|
|
|
|
||||
General, administrative and other
|
(4,856
|
)
|
|
(4,566
|
)
|
|
|
|
|
(10,147
|
)
|
|
(9,572
|
)
|
|
|
|
||||
Transaction costs
|
(2,771
|
)
|
|
(302
|
)
|
|
|
|
|
(2,771
|
)
|
|
(461
|
)
|
|
|
|
||||
Depreciation expense
|
(43,841
|
)
|
|
(41,212
|
)
|
|
|
|
|
(86,082
|
)
|
|
(81,648
|
)
|
|
|
|
||||
Interest expense
|
(15,500
|
)
|
|
(13,181
|
)
|
|
|
|
|
(30,825
|
)
|
|
(27,114
|
)
|
|
|
|
||||
Gain on settlement
|
—
|
|
|
4,520
|
|
|
|
|
—
|
|
|
4,520
|
|
|
|
||||||
Gains on sales of operating properties
|
194
|
|
|
—
|
|
|
|
|
|
194
|
|
|
3,363
|
|
|
|
|
||||
Net income attributable to noncontrolling interests
|
(399
|
)
|
|
(508
|
)
|
|
|
|
|
(971
|
)
|
|
(1,191
|
)
|
|
|
|
||||
Dividends on preferred shares
|
—
|
|
|
(2,114
|
)
|
|
|
|
|
—
|
|
|
(4,228
|
)
|
|
|
|
||||
Net income attributable to common shareholders
|
$
|
(1,895
|
)
|
|
$
|
4,613
|
|
|
|
|
|
$
|
(494
|
)
|
|
$
|
9,677
|
|
|
|
|
____________________
|
||||||||||||
1
|
Same property analysis excludes operating properties in redevelopment as well as office properties (Thirty South Meridian and Eddy Street Commons).
|
|||||||||||
2
|
Excludes leases that are signed but for which tenants have not yet commenced the payment of cash rent. Calculated as a weighted average based on the timing of cash rent commencement during the period.
|
|||||||||||
3
|
Same property net operating income excludes net gains from outlot sales, straight-line rent revenue, bad debt expense and recoveries, lease termination fees, amortization of lease intangibles and significant prior year expense recoveries and adjustments, if any.
|
|||||||||||
4
|
Includes non-cash accounting items across the portfolio as well as net operating income from properties not included in the same property pool.
|
|
Year to Date –
|
|
Cumulative –
|
||||
($ in thousands)
|
June 30,
2016 |
|
June 30,
2016 |
||||
Developments
|
$
|
2,315
|
|
|
$
|
80,116
|
|
Redevelopments
|
8,634
|
|
|
N/A
|
|
||
Recently completed developments/redevelopments
1
|
23,229
|
|
|
N/A
|
|
||
Miscellaneous other activity, net
|
4,323
|
|
|
N/A
|
|
||
Recurring operating capital expenditures (primarily tenant improvement payments)
|
5,722
|
|
|
N/A
|
|
||
Total
|
$
|
44,223
|
|
|
$
|
80,116
|
|
____________________
|
|
1
|
This classification includes Tamiami Crossing, Holly Springs Towne Center – Phase I and Phase II, Bolton Plaza, Gainesville Plaza, and Cool Springs .
|
($ in thousands)
|
Scheduled Principal Payments
|
|
Term Maturity
1
|
|
Total
|
||||||
2016
|
$
|
2,487
|
|
|
$
|
201,196
|
|
|
$
|
203,683
|
|
2017
|
5,103
|
|
|
17,026
|
|
|
22,129
|
|
|||
2018
|
5,335
|
|
|
62,584
|
|
|
67,919
|
|
|||
2019
|
5,255
|
|
|
—
|
|
|
5,255
|
|
|||
2020
|
5,200
|
|
|
442,339
|
|
|
447,539
|
|
|||
Thereafter
|
12,196
|
|
|
975,793
|
|
|
987,989
|
|
|||
|
$
|
35,576
|
|
|
$
|
1,698,938
|
|
|
$
|
1,734,514
|
|
Unamortized net debt premiums and issuance costs, net
|
|
|
|
|
|
|
5,973
|
|
|||
Total
|
|
|
|
|
|
|
$
|
1,740,487
|
|
____________________
|
|
1
|
This presentation reflects the Company's exercise of its options to extend the maturity dates by one year to July 1, 2019 for the Company's unsecured credit facility and its option to extend the maturity date by six months to January 1, 2020 for the Company's unsecured term loan.
|
•
|
Net proceeds of
$0.1 million
related to the sale of Shops at Otty in June 2016, compared to net proceeds of
$126.5 million
related to the sale of seven operating properties in March 2015;
|
•
|
There were no property acquisitions in the first six months of 2016, while there was a net cash outflow of
$94.2 million
related to acquisitions over the same period in 2015;
|
•
|
Decrease in capital expenditures of
$3.5 million
, in addition to a decrease in construction payables of
$4.6 million
. In the first six months of 2016, we substantially completed construction at our Tamiami Crossing and Holly Springs Towne Center - Phase II development properties, and incurred additional construction costs at several of our redevelopment properties.
|
•
|
In the first six months of 2016, we retired the
$16.3 million
loan secured by our Cool Creek Commons operating property, the
$23.6 million
loan secured by our Sunland Towne Centre operating property and the
$20.3 million
loan secured by our Mullins Crossing operating property using draws on the unsecured revolving credit facility; and
|
•
|
Distributions to common shareholders and Common Unit holders of
$48.6 million
;
|
($ in thousands)
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Consolidated net (loss) income
|
$
|
(1,496
|
)
|
|
$
|
7,235
|
|
|
$
|
477
|
|
|
$
|
15,096
|
|
Less: cash dividends on preferred shares
|
—
|
|
|
(2,114
|
)
|
|
—
|
|
|
(4,228
|
)
|
||||
Less: net income attributable to noncontrolling interests in properties
|
(461
|
)
|
|
(414
|
)
|
|
(922
|
)
|
|
(1,001
|
)
|
||||
Less: gains on sales of operating properties
|
(194
|
)
|
|
—
|
|
|
(194
|
)
|
|
(3,363
|
)
|
||||
Add: depreciation and amortization of consolidated entities, net of noncontrolling interests
|
43,545
|
|
|
41,132
|
|
|
85,599
|
|
|
81,425
|
|
||||
Funds From Operations of the Kite Portfolio
1
|
41,394
|
|
|
45,839
|
|
|
84,960
|
|
|
87,929
|
|
||||
Less: Limited Partners' interests in Funds From Operations
|
(809
|
)
|
|
(924
|
)
|
|
(1,790
|
)
|
|
(1,731
|
)
|
||||
Funds From Operations attributable to Kite Realty Group Trust common shareholders
1
|
$
|
40,585
|
|
|
$
|
44,915
|
|
|
$
|
83,170
|
|
|
$
|
86,198
|
|
|
|
|
|
|
|
|
|
||||||||
Funds From Operations of the Kite Portfolio
1
|
$
|
41,394
|
|
|
$
|
45,839
|
|
|
$
|
84,960
|
|
|
$
|
87,929
|
|
Less: gain on settlement
|
—
|
|
|
(4,520
|
)
|
|
—
|
|
|
(4,520
|
)
|
||||
Add: transaction costs
|
2,771
|
|
|
302
|
|
|
2,771
|
|
|
461
|
|
||||
Add: severance charge
|
—
|
|
|
—
|
|
|
500
|
|
|
—
|
|
||||
Funds From Operations of the Kite Portfolio, as adjusted
|
$
|
44,165
|
|
|
$
|
41,621
|
|
|
$
|
88,231
|
|
|
$
|
83,870
|
|
____________________
|
|
1
|
“Funds From Operations of the Kite Portfolio" measures 100% of the operating performance of the Operating Partnership’s real estate properties and construction and service subsidiaries in which the Company owns an interest. “Funds From Operations attributable to Kite Realty Group Trust common shareholders” reflects a reduction for the redeemable noncontrolling weighted average diluted interest in the Operating Partnership.
|
($ in thousands)
|
Three Months Ended
June 30, 2016 |
||
Consolidated net loss
|
$
|
(1,496
|
)
|
Adjustments to net loss
|
|
|
|
Depreciation and amortization
|
43,841
|
|
|
Interest expense
|
15,500
|
|
|
Income tax expense of taxable REIT subsidiary
|
338
|
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
|
58,183
|
|
|
Unconsolidated EBITDA
|
34
|
|
|
Transaction costs
|
2,771
|
|
|
Gain on sale of operating property
|
(194
|
)
|
|
Other expense, net
|
110
|
|
|
Noncontrolling interest
|
(461
|
)
|
|
Adjusted EBITDA
|
60,443
|
|
|
|
|
||
Annualized Adjusted EBITDA
1
|
$
|
241,772
|
|
|
|
||
Company share of net debt:
|
|
|
|
Mortgage and other indebtedness
|
1,740,487
|
|
|
Less: Partner share of consolidated joint venture debt
|
(13,745
|
)
|
|
Less: Cash, Cash Equivalents, and Restricted Cash
|
(49,402
|
)
|
|
Less: Net debt premiums and issuance costs, net
|
(5,973
|
)
|
|
Company Share of Net Debt
|
1,671,367
|
|
|
Net Debt to EBITDA
|
6.9x
|
|
____________________
|
|
1
|
Represents Adjusted EBITDA for the three months ended June 30, 2016 (as shown in the table above) multiplied by four.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
|
Total number
of shares
purchased
1
|
|
Average price
paid per share
|
|
Total number of
shares purchased
as part of publicly
announced plans
or programs
|
|
Maximum number
of shares that may
yet be purchased
under the plans or
programs
|
||||
April 1 - April 30
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
N/A
|
|
May 1 - May 31
|
|
6,504
|
|
|
$
|
28.21
|
|
|
—
|
|
|
N/A
|
June 1 - June 30
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
N/A
|
|
Total
|
|
6,504
|
|
|
|
|
|
|
|
____________________
|
|
1
|
The number of shares purchased represents common shares surrendered by certain of our employees to satisfy their statutory minimum federal and state tax obligations associated with the vesting of restricted common shares of beneficial interest issued under our 2013 Plan. With respect to these shares, the price paid per share is based on the closing price of our common shares as of the date of the determination of the statutory minimum federal and state tax obligations.
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Exhibit No.
|
|
Description
|
|
Location
|
3.1
|
|
Articles of Amendment and Restatement of Declaration of Trust of the Company, as supplemented and amended
|
|
Incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015
|
|
|
|
|
|
3.2
|
|
Articles of Amendment to the Articles of Amendment and Restatement of Declaration of Trust of the Company, as supplemented and amended
|
|
Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 28, 2015
|
|
|
|
|
|
3.3
|
|
Second Amended and Restated Bylaws of the Company, as amended
|
|
Incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015
|
|
|
|
|
|
3.4
|
|
First Amendment to the Second Amended and Restated Bylaws of Kite Realty Group Trust, as amended
|
|
Incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 28, 2015
|
|
|
|
|
|
4.1
|
|
Form of Common Share Certificate
|
|
Incorporated by reference to Exhibit 4.1 to Kite Realty Group Trust's registration statement on Form S-11 (File No. 333-114224) declared effective by the SEC on August 10, 2004
|
|
|
|
|
|
31.1
|
|
Certification of principal executive officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
31.2
|
|
Certification of principal financial officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
31.3
|
|
Certification of principal executive officer of the Operating Partnership required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
31.4
|
|
Certification of principal financial officer of the Operating Partnership required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer and Chief Financial Officer of the Parent Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
32.2
|
|
Certification of Chief Executive Officer and Chief Financial Officer of the Operating Partnership pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
|
KITE REALTY GROUP TRUST
|
|
|
|
|
August 1, 2016
|
By:
|
/s/ John A. Kite
|
(Date)
|
|
John A. Kite
|
|
|
Chairman and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
August 1, 2016
|
By:
|
/s/ Daniel R. Sink
|
(Date)
|
|
Daniel R. Sink
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
Exhibit No.
|
|
Description
|
|
Location
|
3.1
|
|
Articles of Amendment and Restatement of Declaration of Trust of the Company, as supplemented and amended
|
|
Incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015
|
|
|
|
|
|
3.2
|
|
Articles of Amendment to the Articles of Amendment and Restatement of Declaration of Trust of the Company, as supplemented and amended
|
|
Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 28, 2015
|
|
|
|
|
|
3.3
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|
Second Amended and Restated Bylaws of the Company, as amended
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Incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K of Kite Realty Group Trust filed with the SEC on February 27, 2015
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|
|
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3.4
|
|
First Amendment to the Second Amended and Restated Bylaws of Kite Realty Group Trust, as amended
|
|
Incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of Kite Realty Group Trust filed with the SEC on May 28, 2015
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|
|
|
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4.1
|
|
Form of Common Share Certificate
|
|
Incorporated by reference to Exhibit 4.1 to Kite Realty Group Trust's registration statement on Form S-11 (File No. 333-114224) declared effective by the SEC on August 10, 2004
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|
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|
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31.1
|
|
Certification of principal executive officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
31.2
|
|
Certification of principal financial officer of the Parent Company required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
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31.3
|
|
Certification of principal executive officer of the Operating Partnership required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
31.4
|
|
Certification of principal financial officer of the Operating Partnership required by Rule 13a-14(a)/15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer and Chief Financial Officer of the Parent Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
32.2
|
|
Certification of Chief Executive Officer and Chief Financial Officer of the Operating Partnership pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed herewith
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith
|
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1 Month Kite Realty Chart |
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